Accounting Red Flags Are Common Among Public Crypto Companies
Investors bemoan the lack of disclosure in the crypto industry. But many crypto companies disclose a lot of information, and some of it is worrisome, a review of financial statements shows.
The blowups of FTX and Celsius Network LLC exposed hidden risks that might have raised red flags for investors, including related-party transactions, commingled customer funds, sketchy record-keeping and questionable accounting. Some of these problems often appear in disclosures by public crypto companies, including weak systems used to keep numbers accurate.
India's Central Bank Raises Rate to Rein In Inflation
India's central bank increased its policy rate in a bid to contain high inflation.
Reserve Bank of India Gov. Shaktikanta Das said Wednesday that the monetary-policy committee decided to raise its policy repo rate by 35 basis points to 6.25%.
Russian Oil-Price Cap Adds to Fiscal Pressure on Moscow
Fresh Western curbs on Russian crude sales might not affect Moscow's public coffers immediately, but they add financial pressure that threatens the country's sanctions-stricken oil industry and long-term ability to fund the war in Ukraine.
Western countries on Monday imposed a price cap on international sales of Russian crude. The measures, aiming to strike at the Kremlin's war chest, include a ban on seaborne shipments of Russian crude by the European Union and the U.K. The Group of Seven nations, meanwhile, imposed a ceiling on other sales by barring Western companies from insuring, financing or shipping Russian crude at above $60 a barrel.
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This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
12-07-22 0608ET
